In a significant move, the United States has slapped sanctions on 19 Indian private companies and two individuals, accusing them of facilitating Russia's war against Ukraine and attempting to bypass existing sanctions. This action, described as the largest coordinated effort to date, comes from the US Department of Treasury and State Department, targeting a total of 400 companies across 12 countries. The Indian government has swiftly responded to the allegations. External Affairs Ministry Spokesperson Randhir Jaiswal addressed the media on Saturday, stating, “There are reports that the US has imposed restrictions on Indian companies. However, India has a legal process regarding trade policy-trade controls. We follow it.
Apart from this, India is also a member of the Wassenaar Arrangement, Australia Group, and Missile Technology Control Arrangement. We adhere to international trade rules." Jaiswal emphasized that, according to their knowledge, the companies affected by the US sanctions are not violating any Indian laws. He further noted, “We are still in touch with the concerned department regarding the US allegations and are engaged in discussions with US authorities.” In reaction to the sanctions, Shreeji Impex Private Limited, one of the sanctioned companies, expressed confusion over the US actions.
A company representative stated, “We are working according to the laws of India. We have no idea why America imposed sanctions on us. These restrictions will not affect our business, as we do not export or import anything from America.” Similarly, TSMD Global, another affected company, affirmed its position in the automobile sector and stated, “We don’t know why this restriction was imposed on us. We do not trade with America, and therefore these restrictions will not impact us at all. We trade with Russia on a regular basis and will continue to do so.”
Among the sanctioned companies are notable names such as Shreya Life Sciences Pvt. Ltd., based in Mumbai, accused of providing US-denominated technology to Russia since 2023. Other companies under scrutiny include Khushboo Honing in Kolhapur, Sharpline Automation in Navi Mumbai, and Futrevo in Tamil Nadu, the latter alleged to be supplying high technology for the production of Orlan drones. The US sanctions have sparked a wave of discussions within India, as the government reassesses its trade policies and relations with both the US and Russia. As the situation unfolds, stakeholders await further developments and clarifications from both governments.